Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1887-08-03
- Now York Stock Exchange In
State OF Unwarranted
Excitement.
u.~ the Closing Of q Philadelphia
Bank Affected Great
Interests.
9. Mention is Made OF the Losses
Sustained by the Gulli.
BILE Depositors.

PHILADELPHIA, July 30.-The Columbian
Rank, a state institution, closed it's doors
.s;s morning and on the door notice was
.osted stating that by order of the board
f,drectors the bank would make an as
.:,omeut for the benefit Of it's creditor
~ noon another notice was issued saving
AN assignment had been made to s. Edwin
yeesrgee end F. P. Herman. two attorneys.
An eHorts to obtain any statement as to
~. amount of the liabilities or assets
-,red futile. Both the bank officials and
~. assigueps declaring that they had not
.:-,o IN ;nouire into the condition of affairs
..vet 1t is believed. however, the failure
=. ,omplete one. President Bell OF the
Tarmers and Mechanics Bank, with whom
.be Columbian has kept an account Tor
'ne 'n.al wears. stated that the checks of
ses.a", ,,a. rere nishonored because they had
a'.el .eonev TO their credit and furthermore
t.J nv no securities on dep"sit, as was claim
!S n1b bv the Columbian's officials. Mr.. Bell
e. The securities referred to consisted OF
sS".ts sSm "a, and drafts on outside banks, and
thst the Farmers and Mechanics
~'u not except them, except
,or collection, and if they proved good the
Money W. wonld be paid, but nothing would
he advance ed. 1t is understood from relia-
~ oH,s sources that the chief causes OF the
io;lure were heavy advances made to the
irss. .Sts voor party. of New York, and ad-
ronces on consignments OF merchandise
Skinned from South America aud other
no;nte which were not taken up by the con-
sipnees. thus leaving the bank in a crippled
condition. partial statement OF assets
and liabilities is promised for this alter
noon although it il very doubtful II any.
thing can be learned before a thorough ex-
animation is made, and this will consume
considers BILE time. The failure caused some
excitement in the city although among
Snonral men il was not much OF q sur.
prise.
SLIM CHANCES.
PHILADELPHIA, July 3O.-At 2:3O it was
.tated by theofficials that they would issue
no statement to-day, it being an impo ossible
matter to do it. Among the banks assets
are b, nds and stock put down at 81 33 900,
but their market value is very doubtful.
IVES co. DENY.
NEw YORK. July 3O.-Geo. H. Staynor OF
Ives Co. denies any dealing Of his firm
with theembarrassed Columbian bank and
he esays that the bank is indebted to his
firm in the sum of S65, 900. Ives, he says,
has rome to Cincinnati to attend d railroad
meeting The firm of Gould, Henry q
Powers, brokers'. settled the claim II. Z.
Nichols on account of difference in
transaction of Lake Shore, but the claims
OF the holders of puts and calls have not
been settled. Powers did not appear at
the Office of his brokers to-day and
although it is admitted he is embarrassed
bis friends claim he will settle with every
one in full
PANIC IN NEW YORK.
New YORK, July 3O.-The selling yester'
day which caused heavy liquidation in the
afternoon, developed into a panic at the
opening of the exchange this morning and
stocks were sold at any sacrifice, the only
object OF brokers seeming to be the closing
Of accounts of ruined spectators. The
greatest cause of decline was the non-ap-
pearance OF Harry Powers, who took the
place o! Russell Sage as the leading writer
OF privileges on the street. His business
was large, and operators held his puts and
calls az security against their stocks. Az
the Office OF Gould & Henry, who 90 most
Of Powers stock exchange business no
statement could be obtained, although one
Of the attaches admitted that Powers was
embarrassed but would probably core all
right and settle every thing in tull. lhere
need be no suspension to-day, even unough
be is bankrupt, US the hall holday pre-
vents any stocks being put to him to-day.
DOWN THEY WENT.
New YORK, July Bottle news OF the
non.appea rance OF Powers caused the Oh
iering of stocks in such volumes tnat
prices began a rapid decline, which was
only limited by the fact that no casn
could he realized from any sales mace 20.
day, Reading fell five per cent. in the nrst
hour; Northwest, 3Z; St. Paul, TX; missouri
Pacific. 24; Canada Southern, 3A; hlcn'
mond Terminal, 2h; and Western Union
~.
THE MARKET WEAK.
New YORK, July 3O.-Noon.-The stock
market continued extremely active ai'e'
II a. m. and the fluctuations were excep
tionally violent. Prices remained weat
and Canada Southern lost 2k, Jersey Crn
tral 2 and Northwestern IL in the h1st
minutes. This was followed by a rebonno @
and Northwestern quickly rose IN Nss
England ~, Reading 2b, Canaos
Southern and Lackawana =, Jersey ~ 81
tral. and Louisville e. Nashville ana Ip
remainder smaller amounts. Inc lhaiA. nv.
then showed less activity, but slowly se' n
tied down and remained feverish w VI
end.
PRESS OPINIONS.
New YoRK July 3O.-The Posts hna1
cial article saws: There was no nenhi'
cause assigned for the decline IN prices ""
morning, aside from the general ao'a,
which has been made ON the marks' VI
past week. The managers OF this at'a.
on the market were strengthened pv u
suspension OF the Columbian BANK
PHILADELPHIA. which, it is claimed, suppn.t
a considerable proportion OF the money p.
which Henry s. Ives & Co. were enap'eu
carry on their negotiations for some ,'.' ~
At the Office of Ives & Co. it was salu Cn'
Ives was not in the city. HIS parIn.
George H. Staynor. was in, but TOO pu,
to talk, It was claimed this morh'ps
the friends of Ives that the Co,urppT,, =,
bank was indebted to Ives q 20,
general belief in the street is tha' 'no
count stands the other way.
HUNTING FOR POWERS.
New YORK, July Safeguarding ma,
Powers the Post says: Late yes.etu
afternoon reports were flying around VI
Harry H. Powers, the well known Puo q
call broker, was in trouble, that ne "0'
be unable to meet his contracts q g
through that bring down the orohe'
Of Gould e. Henry. Mr.. Kennedy. u
firm of H. J. Nicholas & Co., nearing >:
rumor in regard to Powers
called upon the firm for deposs,d5 posad =, ~ = o
cent. margin. which it was entltleo itch NJ
500 share contract OF the hr'n ut ~
held. He could not find any mempe ,or -:
firm and was unable to get cnecK a;t IT,
amout. Kennedy did not care 10 oxcha
sold the 500 shares on the 81 ocK eA'"':
Tor the account of Gould Il Henry
price obt aimed was 92 and the loss y, ~